Circle Donates 1M USDC to Donald Trump’s Inaugural Committee

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Circle, the company behind the stablecoin USDC ($1.00), has recently donated a significant amount of one million dollars to Donald Trump’s inaugural committee for the 2025 presidential inauguration. This follows other U.S.-based companies who made similar contributions in 2024. As Trump prepares to take office at the White House on January 20th, the digital asset sector anticipates major advancements under Trump’s administration, which has shown a friendly approach towards cryptocurrencies. Here are the key details about USDC:

– Volatility over the past 24 hours: 0.1%
– Current market capitalization: $45.33 billion
– Total volume traded over the past 24 hours: $5.32 billion

The CEO of Circle, Jeremy Allaire, verified the donation through X (previously known as Twitter). Moreover, he underscored his company’s dedication to creating a thriving American enterprise. Allaire also pointed out that the inaugural committee accepted the donations in USDC, demonstrating the remarkable growth and acceptance of the cryptocurrency sector.

The organization, @circle, has donated 1 million USDC to President Trump’s Inaugural Committee. We are thrilled to be part of creating a remarkable American company. The fact that they accepted payment in USDC demonstrates the progress we’ve made and the immense potential and power of digital dollars.

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) January 9, 2025

The Circle executive pointed out that the donation signifies the “possible influence and might” of digital dollars. It’s possible that the Trump administration may soon advocate for the use of stablecoins. Emphasizing U.S. dollar-backed stablecoins could strengthen the influence of the fiat currency on a global level in the coming days.

Crypto Industry Shows Support for Trump’s 2024 Campaign

It’s worth mentioning that several digital asset companies have decided to support Trump’s campaign financially. For instance, the American fintech company Ripple is planning to invest a massive $5 million in XRP tokens. Additionally, two prominent cryptocurrency exchanges, Coinbase and Kraken, are contributing a substantial $1 million each to the Trump-Vance inaugural committee, according to a report from FOX Business.

Coinbase, led by Kara Calvert, their Vice President of US Policy, declared their intention to assist President Trump’s transition and inauguration before the election, expressing excitement about collaborating with an administration that is particularly supportive of cryptocurrency. As they strive to shape the future of cryptocurrency in the United States, this partnership seems promising.

Additionally, as reported by FOX Business, MoonPay – a significant digital payment company – has pledged donations without disclosing the exact sum. These contributions, though relatively small, are vital, contributing to the existing $200 million fund for the incoming president’s inauguration committee.

The funds collected so far exceed the $107 million raised by Trump’s committee in 2017. Furthermore, a source informed FOX Business that they anticipate the total to surpass $225 million before Inauguration Day.

Generous contributions flowing into the crypto industry indicate a belief that this sector could thrive under the Trump administration’s leadership. As stated by Kraken co-CEO Arjun Sethi, Trump is seen as someone who appreciates the capabilities of groundbreaking technology and is supportive of the digital currency sector.

It’s noteworthy that Trump has had a change of heart regarding Bitcoin. Previously, he referred to it as highly unstable, stating that its value was essentially non-existent or “based on thin air” back in 2019. However, his stance appears to have shifted now, with the incoming president aiming to ensure that any remaining Bitcoin is of American origin.

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2025-01-10 00:00